Thank you for your interest in applying for a Paycheck Protection Program (PPP) Second Draw loan through Mountain BizWorks. This application site is for entities that obtained their first PPP from another lender and would like to apply for a Second Draw through Mountain BizWorks. (If you are an existing Mountain BizWorks PPP client please email email@example.com and we will send you your Second Draw application instructions.)
Prepare to Apply for your PPP Second Draw
Step 1. Check with your existing PPP lender first to see if they can assist with your Second Draw. At this time, Mountain BizWorks is only able to accept new Second Draw clients that can demonstrate their prior lender is unavailable to process their application.
Step 2. Make sure you that you’ve reviewed the program guidelines and meet the Second Draw eligibility requirements:
- Received a First Draw PPP loan, has fully used that loan, and used it solely on eligible expenses
- Has 300 or fewer employees
- Experienced a 25% or greater revenue reduction in any 2020 calendar quarter compared to the corresponding quarter in 2019
- PLUS: Mountain BizWorks’ PPP program is focused on assisting business within our WNC region.
Step 3. Download, complete, and sign SBA Form 2483-SD PPP Second Draw Borrower Application (preferably electronically as you will need to upload it to our online application form in step 4). Here are a couple tips based on common questions we’ve seen:
i) Make sure you initial all applicable questions on the SBA form.
ii) NAICS Code: Your NAICS or North American Industry Classification System Code is a standard code for the industry your in. Typically you can find this on your business tax return, search for it here, or simply google “barber shop NAICS code” (swap out with your business type)
Step 4. Organize the following supporting documentation:
i) Photo Identification: Unexpired government issued photo ID (can be a scan or digital image of the the ID)
ii) Financial documents supporting 25% reduction in revenue: For Second Draw loans over $150,000, these are required. For loans $150,000 or less, they are optional with your application but must be submitted on or before the date of your Second Draw forgiveness application. Suitable Documentation may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, quarterly financial statements or bank statements.
iii) Financial documents used to determine your Average Monthly Payroll figure: They are required for all new client applicants. Here are a few options, with the most preferable being listed first: Tax Returns, annual 940 or quarterly 941 statements, Schedule C (for businesses filing as as Sole Proprietor), K-1 filings (for partnerships), or Payroll Service Records (ADP, Gusto, etc.). *Important: make sure your backup documents clearly support the Average Monthly Payroll figure on your SBA Form 2483-SD. If we are unable to easily confirm this number, it will delay your application review and could jeopardize its ability to be approved while funding lasts. Review your calculations using this How To Guide from SBA.
iv) NEW: Proof Business was In Operation on Feb. 15, 2020: You will need to provide a document that demonstrates your business was in operation on or around February 15, 2020. This can include a payroll statement that covers that date, a bank statement, an invoice, or other suitable document. SBA has added this requirement to reduce fraud and ensure PPP relief is only going to operational businesses.
Submit your Application
Step 5. Submit your application online via the link below.
If you have any questions with the application process, please visit our COVID Funding Help Center where you can find FAQs, links to join our weekly webinars, and can schedule an appointment with one of our PPP specialists.